Bitcoin began its downward trend after oscillating upward to around 118848 during trading hours. In the after-hours period, it touched a low of 117776 in the US stock market, then rebounded to 118823 but faced pressure again. As of now, it has dropped to a low of 116053. From a four-hour perspective, the price is in an orderly descending channel, with rebound highs gradually decreasing, indicating insufficient long positions. Each rebound has failed to break through the key resistance level, showing clear characteristics of short positions controlling the market trend, and the downward structure is complete. In terms of technical indicators, the fast and slow lines are about to form a death cross at a low level, with the indicator signals resonating with the price movement, as bearish momentum continues to accumulate. The hourly level shows that the Bollinger Bands are in a contracted closing state, indicating that the market is in a short-term adjustment phase, with volatility temporarily narrowing. Therefore, it is recommended to continue with a bearish outlook.